Afcom Holdings IPO Day 1: Issue subscribed 2 times so far; Latest GMP, subscription status, other key details of SME IPO

Afcom Holdings IPO: The initial public offering (IPO) of Afcom Holdings Ltd opened for public subscription on Friday. Afcom Holdings IPO is an SME IPO worth ₹73.83 crore.

Afcom Holdings IPO will remain open for bidding till August 6 and is receiving decent response from investors as issue has been fully subscribed on the first day.

The company is involved in transporting cargo on an airport-to-airport basis. It operates cargo flights to the ASEAN countries, including Singapore, Indonesia, and Brunei.

Here are Afcom Holdings IPO GMP today, subscription status, and other key details:

Afcom Holdings IPO Subscription Status

Afcom Holdings IPO has been subscribed 1.99 times so far on August 2, the first day of the bidding process. The public issue received bids for 91.17 lakh equity shares as against 45.86 shares on the offer, according to the data available till 1:15 pm.

The IPO has been subscribed 3.12 times in the retail category, 0.00 times in the Qualified Institutional Buyers (QIB) category, and 1.36 times in the Non-Institutional Investors (NII) category so far.

Afcom Holdings IPO GMP Today

Afcom Holdings IPO is commanding a stellar premium in the grey market. Afcom Holdings IPO GMP today, or grey market premium today, is ₹115 per share, according to stock market observers.

This indicates that Afcom Holdings shares are trading at ₹223 apiece in the grey market, a premium of 106.48% to the IPO price of ₹108 per share.

Afcom Holdings IPO Details

Afcom Holdings IPO opened for subscription on Friday, August 2, and will close on Tuesday, August 6. The IPO allotment is expected to be finalized on August 7, and the IPO listing date is August 9. Afcom Holdings shares will be listed on BSE SME.

Afcom Holdings IPO is an SME IPO consisting entirely of a fresh issue of 68.36 lakh equity shares.

Afcom Holdings IPO price band is set at ₹102 to ₹108 per share and at the upper end of the price band, the company plans to raise ₹73.83 crore from the book-built issue.

The IPO lot size is 1,200 shares and the minimum amount of investment required by retail investors is ₹129,600.

GYR Capital Advisors Private Limited is the book running lead manager of the Afcom Holdings IPO, while Link Intime India Private Ltd is the IPO registrar.

The net proceeds from the issue are set to be utilized for capital expenditure on leasing two new aircraft, prepayment or repayment of outstanding borrowings, funding working capital requirements, and general corporate purposes, the company said.

Capt. Deepak Parasuraman, Kannan Ramakrishnan, Wg. Cdr. Jaganmohan Mathena (Retd) and Manjula Annamalai are the promoters of the company.

For the 11 months ended February 2024, Afcom Holdings reported a revenue of ₹133.69 crore, EBITDA of ₹32.99 crore and net profit of ₹23.10 crore.

In FY23, the company posted a revenue of ₹84.14 crore, EBITDA of ₹19.15 crore and PAT of ₹13.58 crore.